An overlooked altcoin managed to make an unexpected move, doubling its price in less than a day as most of the crypto market went through a correction phase.
Injective Protocol (INJ)was built as a decentralized exchange (DEX) offering margin trading, derivatives and other services on a comprehensive cross-chain platform. The project is powered by a Cosmos-enabled layer-2 sidechain infrastructure, while its connections to the main Ethereum (ETH) chain are optimized. Injective’s architecture has a structure that will allow zero gas fees while also controlling network congestion.
INJ tokenIt serves as the exchange’s native service and management token, playing a role in collateral, security, incentives and fees.
INJ flew into space this weekend so to speak! From $4.78 on Friday, the token skyrocketed to $10.00 the next day, posting a nearly 110% gain in just 24 hours.
The token’s parabolic price action followed several developments, including an announcement from the Injective team that it is working on a new UI to allow anyone to list a spot market trading pair.
“We are working on the instant nINJa listing UI. Basically, we will be able to allow anyone to instantly list any spot market they want using $INJ. This development will be completed in a few days at most.”
The team also announced that it has enabled zero gas fee leverage trading for Cosmos (ATOM) perpetual futures on its platform.
It’s here Cosmonauts: The first ever decentralized $ATOM Perpetual Futures are on Injective Pro!
trade @cosmos perpetuals with leverage & zero gas fees. Injective Pro brings the best CEX features to the first fully decentralized derivatives exchange ⚛️https://t.co/U8Q09NdMkb
— Injective 🥷 (@InjectiveLabs) February 9, 2022
INJ token price stabilized after a 110% rise and is currently trading at $6.86.
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